New Forecast Sees High Times Ahead for U.S. Marijuana Industry

In 2017, sales totaled to about $6.2 billion between the U.S. medical and recreational marijuana markets. It is estimated that U.S. marijuana sales could more than triple to $22 billion by 2022.

California’s new legal market is partially responsible for the drastic increase, reports Entrepreneur. In 2017, California’s sales alone were $2.7 billion, and according to the latest edition of the Marijuana Business Factbook, California’s sales will be close to $5 billion in 2018.

Nevada’s medical and recreational marijuana markets will also help contribute. In March alone the state sold $41 million of marijuana. Since sales began in July 2017, sales have totaled more than $304 million, and generated $49 million in tax revenue.

The overall medical marijuana market is also growing as more states adopt new medical marijuana policies. Some of the largest populations to adopt medical marijuana laws recently are Florida, Pennsylvania, New Jersey and Maryland.

Medical marijuana sales in the U.S. are expected to reach $4.5 billion this year.

Projections from the Factbook for the next few years:

Between $10.5 and $12.8 billion in 2019

Between $12.1 and $14.9 billion in 2020

Between $14.7 and $18.1 billion in 2021

Between $18 and $22.1 billion in 2022

Sales will exceed these estimates if/when more states legalize recreational and/or medical marijuana. And since several states are discussing legalization, exceeding these estimates is very likely.